The COVID-19 period in everyone’s life continues, and as time goes by more issues keep arising regarding certain tax matters. One such issue, which the ATO has realised may be a concern, is the changed rental property market, and the deductions for expenses that are and are not available.
We also consider the issue of passive income and where this figures when qualifying for JobKeeper. There has also been a temporary change made to bankruptcy laws because of the economic fall-out of COVID-19.
Also, as tax time does not simply disappear because of a certain virus, we offer some end-of-financial-year last minute tax tips, a warning on issues stemming from property development undertaken by SMSFs, and how resident or non-resident status affects tax outcomes.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.